{
 "ticker": "HFND",
 "name": "Unlimited HFND Multi-Strategy Return Tracker ETF",
 "issuer": "Unlimited",
 "desk": "alternatives",
 "url": "https://etfiq.com/funds/hfnd",
 "html": "https://etfiq.com/funds/hfnd",
 "markdown": "https://etfiq.com/funds/hfnd.md",
 "as_of": "2026-09-18",
 "verdict": "In the S&P 500\u2019s down weeks over the year to Sep 18, 2026, HFND fell 50% as much as the index.",
 "key_facts": [
  {
   "key": "correlation_with_the_s_p_500",
   "label": "Correlation with the S&P 500",
   "value": "+0.78",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "HFND, correlation with the S&P 500: +0.78, as of Sep 18, 2026."
  },
  {
   "key": "beta_to_the_s_p_500",
   "label": "Beta to the S&P 500",
   "value": "+0.48",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "HFND, beta to the S&P 500: +0.48, as of Sep 18, 2026."
  },
  {
   "key": "down_week_capture",
   "label": "Down-week capture",
   "value": "50.0%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "HFND, down-week capture: 50.0%, as of Sep 18, 2026."
  },
  {
   "key": "against_t_bills_52_weeks",
   "label": "Against T-bills, 52 weeks",
   "value": "+4.1 pts",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "HFND, against T-bills, 52 weeks: +4.1 pts, as of Sep 18, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$33m",
   "source": "SEC N-PORT, whole fund, as filed for May 31, 2026",
   "as_of": "2026-09-18",
   "sentence": "HFND, net assets: $33m (SEC N-PORT, whole fund, as filed for May 31, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Dec 23, 2025",
   "as_of": "2026-09-18",
   "sentence": "HFND, expense ratio: 1.07% (485BPOS XBRL, Dec 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "issuer",
   "label": "Issuer",
   "value": "Unlimited",
   "source": null
  },
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "Multi-strategy",
   "source": "ETFIQ, from its prospectus"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.07%",
   "source": "485BPOS XBRL, Dec 23, 2025"
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$33m",
   "source": "SEC N-PORT, whole fund, as filed for May 31, 2026"
  },
  {
   "key": "weeks_measured",
   "label": "Weeks measured",
   "value": "52, from Sep 19, 2025 to Sep 18, 2026",
   "source": null
  },
  {
   "key": "weeks_the_s_p_500_fell",
   "label": "Weeks the S&P 500 fell",
   "value": "22",
   "source": null
  },
  {
   "key": "the_s_p_500_in_those_weeks_on_average",
   "label": "The S&P 500 in those weeks, on average",
   "value": "\u22121.24%",
   "source": null
  },
  {
   "key": "hfnd_in_those_weeks_on_average",
   "label": "HFND in those weeks, on average",
   "value": "\u22120.62%",
   "source": null
  },
  {
   "key": "hfnd_total_return_over_those_weeks",
   "label": "HFND total return over those weeks",
   "value": "+7.7%",
   "source": null
  },
  {
   "key": "t_bills",
   "label": "T-bills",
   "value": "+3.6%",
   "source": null
  },
  {
   "key": "listed_since",
   "label": "Listed since",
   "value": "Oct 11, 2022",
   "source": null
  },
  {
   "key": "days_traded",
   "label": "Days traded",
   "value": "90",
   "source": null
  },
  {
   "key": "quoted",
   "label": "Quoted",
   "value": "on an exchange, every trading day",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "The fund": "\u22122.2%",
   "S&P 500": "+2.3%",
   "Difference, percentage points": "\u22124.5 pts"
  },
  {
   "window": "6 months",
   "The fund": "+5.6%",
   "S&P 500": "+18.0%",
   "Difference, percentage points": "\u221212.4 pts"
  },
  {
   "window": "1 year",
   "The fund": "+7.8%",
   "S&P 500": "+16.6%",
   "Difference, percentage points": "\u22128.7 pts"
  },
  {
   "window": "3 years",
   "The fund": "+29.9%",
   "S&P 500": "+78.4%",
   "Difference, percentage points": "\u221248.5 pts"
  },
  {
   "window": "Since it listed",
   "The fund": "+33.9%",
   "S&P 500": "+124.3%",
   "Difference, percentage points": "\u221290.4 pts"
  }
 ],
 "questions": [
  {
   "q": "Does HFND move with the S&P 500?",
   "a": "Over the year to Sep 18, 2026, HFND\u2019s weekly returns had a correlation of +0.78 with the S&P 500\u2019s, on a scale where 1 moves in step, 0 shows no pattern and \u22121 moves opposite. Its beta was +0.48, so for each 1% the index moved it moved about 0.48% the same way."
  },
  {
   "q": "What did HFND do when stocks fell?",
   "a": "The S&P 500 fell in 22 of the 52 weeks to Sep 18, 2026, by 1.24% on average. In those weeks HFND fell 0.62% on average, a down-week capture of 50.0%."
  },
  {
   "q": "Did HFND earn more than cash?",
   "a": "Over the same 52 weeks HFND returned +7.7% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.6%. HFND finished 4.1 percentage points ahead of it."
  },
  {
   "q": "What does HFND cost?",
   "a": "The prospectus expense ratio is 1.07% a year."
  },
  {
   "q": "Why is HFND listed as multi-strategy?",
   "a": "ETFIQ files each fund by what its own prospectus says it does, and HFND\u2019s, filed Dec 23, 2025, describes a multi-strategy fund."
  }
 ],
 "generated": "2026-09-21",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}